Affordable housing Programs in Major Metropolitan areas.

I would like to introduce everyone to the affordable housing areas in your cities.  Most of these programs offer amazing deals to buyers.  The homes are usually located in revitalization areas of major cities and help blighted areas recover, and grow.
The rewards are usually a very nice home at an affordable price.  Example: In Omaha I have $125000 3 or 4 bedroom, 2 bath, 2 car garages that are only a few years old.  The non-profit goes in and rehabs them and makes them as new.  When they are sold the buyer gets a $50000 silent deferred, 0%  second mortgage in which they never have to make the payments as long as they own and live in the home  which leaves a  first mortgage  at $75000 in which they pay competive interest rates.  So the payments on these homes are based only upon your first mortgage.
Now the good part.  The silent second loan decreases each year until the 10th year and then you only owe 1/2 of it.  It will no longer decrease after the 10th year, but again you could live there 40 years and the half is not payable until you sell the home.

  • November 04 2010 - Omaha
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